Let’s Connect with ‘DIGIT Act’
A point of view by Prosenjit Chaudhury.
The proliferation of IoT commenced long back, however the growth rate (read CAGR) of the market has never been more upbeat. Conservative estimates believe the IoT industry will have a market capitalization of $11 trillion by 2025. Growth of connected devices come with a promise of more ‘convenient tomorrow’ for all of us, often in a more affordable fashion. At the same time, it does leave space for some concerns around regulatory compliance and security. Harnessed and regulated in the right way, IoT has the promise of ‘life changing’ socio-economic benefits.
Industries at large benefit from more connected information platforms, systems, and devices. On the other hand, there is a lack of regulations on the data collected by IoT devices, device security, standardization of platforms which has raised questions in many quarters. The bi-partisan bill on ‘Developing Innovation and Growing the Internet of Things’ Act (DIGIT Act) might remediate some of these concerns at the same time help monitor, standardize, and regulate the proliferation of IoT. DIGIT Act is aimed at formulating policies to navigate through consumerism and competition, which often has the potential to change the market and sometimes even its drivers. The federal working committee in adherence with the DIGIT Act shall help alleviate budgetary and/or jurisdictional challenges which limits the growth of IoT, firm up policies to help federal agencies to be better prepared for IoT adoption, all this while collaborating with private Information and Communication Technology business leaders and above all considering individual privacy.
Looking at the next three years, the number of connected devices are expected to cross 50 billion in number; increasing automated intelligence and predictive analysis catalyzed by human-machine interaction in play. Smart Sensors, Smart Patient care, Smart healthcare via wearables, smart city, self-driven cars, smart agriculture: the list is practically endless as new IoT opportunities are being discovered with each passing day.
The advent of such rapid growth in technology is called disruptive for good reasons. So, what are the guidelines for the large corporate houses of today to deal with this change:
- Keep a close watch on policies mandated by the Government, such as the DIGIT Act and secure aligning strategies.
- Set up and fund start-ups under control of their primary business trying experiments to disrupt their primary business. Before a competitor does it!
- Commoditization via segmentation, timely dis-investment, diversification of products and/or services will hold the key.
The DIGIT Act is expected to help with development of growing number of connected and interconnected devices to benefit businesses, governments, and consumers. Given this will have a strong bearing in shaping the consumerism of the next decade, it is imperative for providers of services and products to align and benefit from a world of more connected possibilities. Harnessed and regulated in the right way by the DIGIT Act, IoT will have a secure manner of providing ‘life changing’ socio-economic benefits.